US Treasury sanctions Iranian oil exports and shadow fleet operations

The US Treasury Department has added 13 entities, eight vessels and one individual to its sanctions list for their role in facilitating Iranian oil exports through shadow fleet operations, according to an Office of Foreign Assets Control announcement on August 21.

The designations target a network of shipping companies, tankers and individuals accused of transporting Iranian petroleum products in violation of US sanctions, according to the latest release seen by IntelliNews.

Among those sanctioned is Greek national Antonios Margaritis, who is linked to multiple shell companies used to obscure Iranian oil trade.

The Treasury designated several shipping entities including Ares Shipping Limited in Hong Kong, Ozarka Shipping in the UAE, and multiple Marshall Islands-registered companies connected to Margaritis. Two Chinese oil storage and transportation companies, Qingdao Port Haiye Dongjiakou Oil Products and Yangshan Shengang International Petroleum Storage and Transportation, were also sanctioned.

Eight vessels were added to the sanctions list, including crude oil tankers Adeline G, Ares, Giant, Kongm, and Lafit, as well as chemical and oil product tankers Katsuya, Sondos, and Victory Ari.

The vessels operate under various flags including Panama, Cook Islands, Hong Kong, Gambia, and Antigua and Barbuda.

The action follows the Treasury's ongoing efforts to disrupt Iran's ability to generate revenue from oil exports that fund destabilising activities in the region. The sanctions freeze any US assets belonging to the designated parties and prohibit American individuals and entities from conducting business with them.

In a separate action, the Treasury removed four Belarus-related entities from its sanctions list, including Dana Holdings Limited and Serbian national Nebojsa Karic.